The interplay between the want of a reasonable return on cash-based savings and the need for safe harbor from financial crisis is distinctly present in this series which currently appears to be suggesting that while the general level of financial stress is still elevated, the minuscule return is driving flows out of money funds.

Where the outflows are generally being driven to, of course, cannot be perfectly known but stocks, real estate, popular commodities and simply working capital for financially stressed households are likely a reasonable assumption.